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The Central Bank of Nigeria (CBN) has reassured Nigerians that its digital currency, eNaira, does not pose a threat to the nation’s financial stability. Dr. Isa AbdulMumin, the Director of the Corporate Communications Department at the CBN, made this statement on Monday in Marrakech.
AbdulMumin’s remarks come in response to a recent media report that raised concerns about the potential risks to financial stability posed by Nigeria’s Central Bank Digital Currency (CBDC), eNaira.
The media report cited articles from a book recently released by the CBN, suggesting that despite its success in reducing the country’s financial inclusion gap, the eNaira could be a potential threat to financial stability. The report noted that since its launch, the conversion of bank deposits to eNaira had seen an average monthly growth rate of 78.3%, totaling approximately N1.66 billion.
AbdulMumin clarified that a closer examination of the report reveals a misunderstanding of certain sections of the articles in the CBN’s book titled “Economics of Digital Currencies.”
“The book’s recurring theme is the interest of regulators like the CBN in cryptocurrencies as speculative investments and the potential threats they pose to financial stability,” he explained.
He further assured that as the eNaira’s structure continued to evolve, it was being refined to enhance the user experience across all interfaces. AbdulMumin encouraged Nigerians to embrace this technology, particularly for its potential to promote greater financial inclusion.
The eNaira was introduced during the tenure of former CBN governor Godwin Emefiele and inaugurated in October 2021 by former President Muhammadu Buhari, making Nigeria the first African country to adopt a Central Bank Digital Currency (CBDC).
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